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algernon d’ammassa
Among the bills Gov. Michelle Lujan Grisham signed into law this week were measures aimed at ensuring free college tuition in the long term.
Senate Bill 159, which passed the state House (43-18) and Senate (37-5) during this winter’s legislative session, would create a higher education trust fund and higher education program fund that would generate investment income to be distributed to tuition payments. is to be established. New Mexico Secondary Education Fees.
The bill would limit annual distributions from the fund to 5% of the fund’s average year-end market value over a three-year period. Since this is a new fund, we will use the average of the past few years until the third year of establishment. The Senate Education Committee amendment would result in an initial distribution of $47.95 million in fiscal year 2025, with the potential to increase to $52.4 million by 2032, for a potential balance of $1.069 billion at the end of the same year. The report states that it is possible. Legislative analysis.
The initial $959 million investment in the fund will make New Mexico’s Higher Education Trust Fund the largest in the nation among eight states that have established similar programs, according to the governor’s office.
New Mexico Opportunity Scholarships are available to students who reside in New Mexico and have graduated from a public high school or accredited private high school, or who have earned a high school equivalency certificate. Other eligibility requirements include a 2.5 grade point average per semester.
The legislative financial analysis estimates the program’s cost in 2025 to be $161.9 million.
State Sen. Pete Campos (D-Las Vegas), the sponsor of SB 159, said in a news release that the funds will “ensure that New Mexicans continue to attend college tuition-free for years to come.” “We will be able to maintain a healthy reserve force at the same time.” State Tax Stabilization Reserve Fund. Current and future students rely on these scholarships to further their education, and the state’s future depends on the ability of its more educated residents to enter the workforce and support their families. ”
The Ministry of Higher Education reports that 42,379 people are currently benefiting from this scholarship and that these students are statistically more likely to obtain a degree or professional qualification. The department also said the number of short-term career training certifications has increased by 39% since the program’s launch, which was first proposed by Democrat Lujan Grisham in 2019 and first approved for funding by lawmakers in 2020. Ta.
HED also estimated that spring enrollment was up 4% compared to last fall, with an overall increase of 7% starting in 2021.
In addition to opportunity scholarships, lottery scholarships also continue to cover tuition for about 10,000 students each year, according to the governor’s office.
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